REG - Obtala Resources Ltd - Exercise of Call Option Over Paragon Diamonds <Origin Href="QuoteRef">OBT.L</Origin>

WoodboisAnnouncement

21/11/2014 08:23

RNS Number : 5653X
Obtala Resources Limited
20 November 2014
20 November 2014 
Obtala Resources Limited
("Obtala" or the "Company")
(AIM: OBT)
Exercise of Call Option Over Paragon Diamonds Limited
Obtala Resources Limited (AIM:OBT), the emerging agri-processing, farming and timber company, announces that further to the announcement of the 27th August 2014, Titanium Capital Investments Limited ("Titanium") has exercised the call option of 60 million shares held in Paragon Diamonds Limited ("Paragon") by the Company. 
Titanium has requested and Obtala has agreed that the settlement of the call option will be made in two tranches. Payment for and transfer of an initial tranche of 24,000,000 shares (with a payment of 780,000) will be made on the earliest practicable settlement date following the service of the Exercise Notice, with the outstanding settlement of the second tranche of 36,000,000 shares (with a payment of 1,170,000) being made on 1 March 2015. The date of the settlement of the second tranche is conditional on Paragon receiving shareholder approval for the buyback of the Lanstead shares as previously announced by Paragon on the 11th and 14th November 2014. If the required shareholder approval is not granted then settlement of the second tranche will take place as soon as reasonable practical after the 11th December 2014. 
Obtala Resources
Francesco Scolaro - Chairman
Simon Rollason - Managing Director
www.obtalaresources.com
+44 (0) 20 7099 1940


ZAI Corporate Finance Limited (Nomad)
+44 (0)20 7060 2220
Richard Morrison
Ray Zimmerman



Fox-Davies Capital (Broker)
+44 (0)20 3463 5000
Daniel Fox-Davies
Jonathan Evans



Square 1 Consulting (Public Relations)
+44 (0)20 7929 5599
David Bick
Mark Longson


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